Rising prices on groceries, gas and other everyday expenses are putting pressure on household budgets. On Money Monday, financial professional Paul Hood shared ways families can reduce spending and continue saving, even when costs are high.
How can families save money on everyday expenses?
Q: What’s one of the biggest budgeting mistakes people make?
Paul Hood: Many people focus on how much money they earn instead of how much they spend.
“Most people don’t have an income problem; they have an outgo problem,” Hood said.
He recommends being intentional about purchases and reviewing recurring expenses.
Q: Where should people look for easy savings?
Hood: Start with subscriptions. Small monthly charges of $2.99 or $3.99 can add up, especially when people forget they’re paying for services.
How can shoppers spend less on groceries and gas?
Q: What’s the best way to avoid overspending at the grocery store?
Hood: Make a shopping list, avoid shopping hungry and stick to planned purchases.
He also suggests considering grocery delivery services without additional fees, which may help reduce impulse purchases.
Q: How can drivers save money on gas?
Hood: Combine errands into fewer trips and shop at stores located near one another to reduce unnecessary driving.
How can people save money when prices are high?
Q: What if there’s little money left to save?
Hood: Prioritize savings before spending.
He recommends automatically directing part of each paycheck into a savings account through direct deposit.
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